Treasury Secretary Scott Bessent confirmed Monday that President Donald Trump still plans to meet Chinese President Xi Jinping in South Korea later this month, signaling an effort to cool tensions after the President announced additional tariffs on China. According to Bessent, the proposed 100% tariffs on Chinese imports are now on hold until November 1, as high-level discussions resume.

The clarification follows a weekend of back-and-forth messages between the U.S. and China. On Sunday, October 12, President Trump wrote on Truth Social, “Don’t worry about China, it will all be fine! Highly respected President Xi just had a bad moment. He doesn’t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!”

As previously shared in an email update to the full Toy Association membership, two days earlier, on Friday, October 10, President Trump announced plans via Truth Social to impose an extra 100% tariff on all Chinese imports. At the time, he indicated the new duties would take effect November 1, or sooner depending on China’s policy actions, and suggested further trade measures could follow.

It remains unclear whether the 100% rate would replace the existing 30% tariff level (20% fentanyl + 10% reciprocal) or be added on top of it, resulting in a new higher rate of 120% or even 130%.

On October 11, a spokesperson for the Ministry of Commerce of the People’s Republic of China responded online to President Trump’s announcement and warned that Beijing would “take necessary countermeasures.” Following up on those warnings, today (October 14), Beijing announced that it would be implementing port fees on U.S. ships entering Chinese ports.

The Toy Association is closely monitoring the situation, including any official policy developments, and will continue to update members as new information becomes available.